Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales for Item $88-$HX are as follows:

July $1$ Inventory $106$ units @ $$24$

$8$ Sale $85$ units

$15$ Purchase $118$ units @ $$28$

$27$ Sale $99$ units

Assuming a perpetual inventory system and using the last$-$in$,$ first$-$out $($LIFO$)$ method, determine $($a$)$ the cost of goods sold on July $27$ and $($b$)$ the inventory on July $31.$

a$.$ Cost of goods sold on July $27$ $fill in the blank $1$

b$.$ Inventory on July $31$ $fill in the blank $2$